Prime Minister Stuart Young reaffirmed Trinidad and Tobago’s commitment to cross-border energy agreements with Venezuela. Young emphasized ongoing negotiations regarding the Dragon gas project at a press conference, while U.S. policy shifts threaten the validity of energy licenses. Following Rowley’s resignation, Young is set to discuss foreign exchange allocation to address economic constraints.
Prime Minister Stuart Young has confirmed that ongoing efforts are dedicated to finalizing cross-border energy agreements with Venezuela. He made these remarks during a post-Cabinet news conference held at Whitehall on March 20. Young reiterated the commitment to progress, stating, “We will continue working… Fighting is the language I used for Trinidad and Tobago. That has continued.” He indicated that additional information regarding the agreements would be shared soon, though he deemed it premature to disclose specifics at this time.
Furthermore, Young noted the evolving nature of these negotiations and assured the public that developments would be communicated in the near future. Amidst these discussions, U.S. Secretary of State Marco Rubio emphasized the intention to cease oil and gas licenses that have supported the Venezuelan government, labeling President Maduro’s regime as illegitimate. He also warned of potential sanctions should Venezuela fail to accept its citizens returning from the U.S.
In a notable development concerning U.S. policy, President Donald Trump announced the cancellation of a license previously granted to Chevron to operate in Venezuela, coinciding with the U.S. offering a bounty for President Maduro’s arrest due to longstanding narcotics-related charges. This includes a license for the Trinidad and Tobago-Venezuela Dragon gas project, which is critical for natural gas exports.
The Venezuelan government issued a license on December 21, 2023, to the National Gas Company and Shell to facilitate the Dragon gas field’s development. The Office of Foreign Assets Control (OFAC) facilitated this grant, emphasizing the significance of the project amid uncertainties following Trump’s election in 2020. The original gas deal, valued at $1 billion, was signed in August 2018 but stalled due to U.S. sanctions.
Amid these developments, former Prime Minister Dr. Keith Rowley had previously expressed to Trump the established partnership between Trinidad and Tobago and the United States, highlighting the importance of continued cooperation on energy projects. A recent report indicated that Trinidad and Tobago plans to negotiate with the U.S. to extend the Dragon project’s license. During the Energy Conference on February 11, Rowley stressed that these initiatives are vital for regional energy security.
In March, following Rowley’s resignation, Young outlined his priorities, including addressing foreign exchange issues. A meeting with the Central Bank and bank CEOs is set for March 25 to discuss forex allocation, and the media will be invited to cover this event. Young acknowledged the reality of reduced foreign exchange availability and emphasized the need for a systematic approach to its distribution in the population.
The ongoing initiatives surrounding the Dragon gas project highlight the dedication of Trinidad and Tobago’s government to securing energy deals with Venezuela, amidst shifting U.S. foreign policy under recent administrations. Prime Minister Stuart Young’s forthcoming decisions regarding foreign exchange allocation further emphasize the administration’s commitment to addressing economic challenges and regional energy security. These efforts remain crucial for the nation’s energy future, despite diplomatic hurdles and external pressures.
Original Source: newsday.co.tt
